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Sir is credit transfer credited in the cash book balance or not?
If it is a payment by credit transfer then yes – we credit cash.
It is a receipt by credit transfer then we debit cash.
(The word credit in credit transfer is nothing to do with debits or credits – it is just another word for a bank transfer)
right Sir but if question does not mention if it is payment or receipt so how will we treat credit transfer ? because i have been doing questions which do not mention of it being either payment or receipt
Exam questions will make it clear.
Excellent lecture!
Thank you 馃檪
Sir, I just had a general question from this lecture.
What is a Journal entry for payment of electricity bill through credit card?
Do you open a new account for credit card or Credit bank account?
Assuming that the credit card is one that sends a monthly statement to pay, then you would credit an account for the credit card.
(Some credit cards take the money directly from your bank account, in which case you would credit cash).
However, as I do say in the lectures, credit card transactions are not examined in Paper F3. The reason is that we are looking at businesses, and although some businesses do use credit cards, in most cases they are used by individuals (who might then claim from the business).
Just found the reason to be confident of finally getting going with ACCA. Great, engaging Lecturer. Excellent for self study 馃檪
Sir, i have a doubt. The Foll. is a T- account- capital a/c. What should i understand when income statement is 400 and how do I know when to write this?
Capital a/c
Drawings 100 Cash 5000
Income Statement 400
Balance 5300
In future please ask questions in the Ask the Tutor Forum – not as a comment on a lecture about something completely different 馃檪
In the exam you can not be asked to prepare t-accounts – sometimes they are useful in your own workings, but that is really all.
The amount owed to the owner (the capital) increases due to any profit (from the income statement) and decreases due to any drawings. That is all that is happening here.
You should watch the lecture on chapters 2 and 3 of the Lecture Notes where this is all explained.
thanks so much Sir. I will make sure that qns are asked in the right place. 馃檪
i would like to buy lecture videos for F4 to F7 for December session,and use course notes from open tuition.
kindly advise if i can buy.
Our lectures are free of charge, but can only be viewed online.
it realy helps thanks
thumbs up!!!!
Great. Thanks.
Where was this lecture done?
love the lecture!
i have problum in solving bank recuncilation
thank you sir
so funny and interesting
馃檪
very nice
lovely
excellent
Absolutely loved your rant about the cheques in Lithuania and the the American spelling of cheque! Bravo sir!
very nice
Thank You Very Much 馃檪
excellent